The impact of the 50-day Russia-Ukraine war on the world: Bhaskar report from 10 countries; Know what is the situation in India, America, UK and Australia

The Russia-Ukraine war has ruined the fabric of the whole world. This has pushed the world trying to recover from Kovid in the vortex of inflation. From food items to fuel prices are skyrocketing. Protests are taking place in many countries against inflation and it is becoming an election issue. UN body UNCTAD has estimated the global growth rate from 3.6% to 2.6%.

It is a matter of relief that all this has little effect on India. Commodity prices, including crude oil, have risen due to disruptions in global supply chains, but less dependence on agricultural production has affected India.

Stocks of sunflower oil and flour are running out in many European countries including Germany, Italy and Spain. People are panic buying. There has been a 14% jump in the sale of essential goods in Spain. To prevent panic buying and to maintain stock of goods, supermarkets in Germany, Spain, Italy have implemented the rule of giving limited quantity of goods to customers.

Here a customer can buy only one bottle of Sunflower Oil. Sunflower oil shelves are available empty in super stores. Expensive oils like mustard or olive oil have to be bought. Spanish consumer prices rose 9.8% in March, the highest since 1985. A similar trend exists in the rest of Europe.

Essential goods 20% costlier in Europe
Europe is spending 20% ​​more on basic goods purchases than a year ago. Professor Juan Aznar from Barcelona Business School Esed explains that consumers have become selective and are spending more time looking for cheaper alternatives.

Natural gas prices in Europe have increased by 62%. Ukraine provides 46% of the world’s export of sunflower oil and Russia provides 23%. Russia is the largest exporter of wheat in the world. Due to both the countries being at war, other countries do not have any big option. Both of these products are used in every household in Europe, so there is more trouble.

Impact on industry due to stoppage of aluminum supply
Low availability is also affecting the restaurant and food processing industry in many countries. Due to corrosion, the transportation of industrial components and materials will be disrupted and the impact of expensive energy will also affect the industries of Europe.

According to experts, large quantities of steel, nickel and aluminum are supplied from Russia. In such a situation, the manufacturing, engineering and industrial sectors will be affected the most. Automobile companies have stopped selling their products in Russia. This will also affect their cell.

Tourists decreased in tourism countries
Europe’s tourism industry had the highest expectation after Kovid, but as the number of tourists increased, the war started. New international bookings have been put on hold. In the first week of the war alone, airline bookings within Europe fell 23% and trans-Atlantic bookings in European countries fell 13%. Many European countries, including Spain, Greece, Italy and Croatia, are more dependent on tourism.

He had dreamed of loss of revenue due to the pandemic, but now it seems impossible to compensate. By far the worst affected countries are Ukraine’s neighbors including Poland, Bulgaria, Croatia, Estonia and Hungary, which have seen a 50% reduction in bookings. According to a survey, 47% of Americans have postponed travel. Italian Tourism Minister Massimo Garavaglia has expressed concern over this. “If half of the Americans don’t come to Europe, the situation is going to be very dire,” he said.

Japan kicks Russia out of Most Favored Nations, but hands tight on fuel
Japan has removed Russia from the list of Most Favored Nations. This has made Russian imports expensive. The assets of Putin and his close associates have been seized. The export of 266 goods and technologies to Russia has been banned. Yet Russia has tight hands in terms of fuel.

Japan has made major investments in the Russian energy sector, which now supplies 4% of the country’s crude oil and 9% of its LNG needs. Six of Japan’s 17 nuclear plants are operational and imports of oil and liquefied natural gas have had to be reduced to keep the industry afloat.

China borrowed Rs 6 lakh crore from Russia before the war. reduced the loss by doing oil-gas deal of
Fuel prices have also increased in China. But before the war started, Beijing had with Russia Rs 6 lakh crore. This loss has been reduced by doing oil-gas deal. His concern is the economic slowdown in Europe due to the war. The European Union accounts for 15% of the total imports.

China’s trade with Russia-Ukraine is Rs 11.2 lakh crore and Rs 8.45 lakh crore. is of China will have a trade deficit due to a long conflict. China is a major partner of the European Union. Europe is in economic crisis. China will lose 0.3% due to 1 point GDP reduction.

Inflation in America spoiled the household budget
Stopping the export of fertilizers from Russia to the US will also affect agriculture. This could further increase food inflation. Clouds of layoffs are looming large in US agricultural companies. Oil prices are at record levels since 2014. If these prices do not come under control, inflation can reach 10%, which will be the highest since 1981.

America is at risk of Russian cyber attack. The FBI has warned that Russian hackers are scanning the networks of 5 energy companies.

The average household income in the UK is Rs 2.11 lakh. Fertilizer will be 5 times more expensive
Ukraine-Russia is called ‘The Bread Basket of Europe’. Grain prices have gone up 40.6% after the war. According to CEBR, the average household income in the UK will decrease by Rs 2.11 lakh. Fertilizer prices have increased five times. This will lead to a food crisis. Petro prices have gone up by 35%. Gas prices are 20 times what they were two years ago.

War in the Middle East also brought risky effects, trading opportunities
For the Gulf, the war has brought risky influences, trading opportunities and bargaining opportunities. 300 Western companies have severed ties with Russia. European countries are reducing their energy dependence on Russia and the Middle East could become an option.

Gulf countries have been the beneficiaries of rising oil and gas prices. Gulf countries have resisted Western pressure to increase oil production. Able to reduce Middle East oil prices by 13%. By not doing so, he sent a message to Washington so that he could pay attention to his partner.

Petrol has become twice as expensive in Australia, if inflation becomes an issue, they are also giving relief
Petrol prices in Australia have doubled. Inflation has become an election issue. Therefore, the federal government has given a relief of Rs 19 thousand and Rs 1.14 lakh in income tax to every family of the lower-middle class. At the same time, Australia has called Russia-China friendship nefarious.

China is going to make an agreement with the government there to deploy the army on the Solomon Islands near Australia. Australia has expressed apprehension that by doing so, China wants to act like Russia in Australia or nearby countries.